If you are looking for a loan for commercial real estate space for your business in Connecticut, this program may interest you.
CEDF provides owner occupied commercial real estate loans up to $500,000. Real estate loans can be combined with other CEDF small business loans up to $750,000. Real estate loans are secured by a mortgage on real property to finance the purchase, development or improvement of real estate for owner-occupied property, including mixed use.
CEDF will consider making mortgage loans that are secured by the following types of owner occupied properties:
- Commercial / industrial
- Office buildings / office condos
- Retail properties
- Mixed-use facilities (retail / office / residential)
- The owner of the business applying must have been in business for 3 years or longer
- The owner must have a business located or to be located in the building occupying 51% or more (i.e. no pure investment real estate)
- Fixed interest rates with a maximum 25 year amortization
- Personal guaranty from all principals involved